Red Sea International, a Riyadh-based real estate company, has announced key leadership changes, with the current Chief Executive Officer, Marwan Jan Sayegh, stepping down with immediate effect. 

To take over the CEO responsibilities from Marwan, the company has named Ghassan Salim Al-Ashkar as the Acting CEO. Ghassan has been serving as the Chief Financial Officer since 2024.

Ghassan will hold the responsibilities until a new CEO is appointed. 

Announcing this change, the company stated, “...The company announces the Board of Directors' decision on 08/10/1446 AH, corresponding to 06/04/2025 G, to approve the following:

1. Termination of the contract of the current CEO, Mr. Marwan Jan Sayegh, effective as of 06/04/2025 G.
2. Appointment of the Chief Financial Officer, Mr. Ghassan Salim Al-Ashkar, as Acting CEO effective from 06/04/2025 G, until a new CEO is appointed.”

The company did not specify the reason for outgoing CEO Marwan’s termination, but extended its wishes to him, stating: “Sincere thanks to Mr. Marwan Sayegh for his efforts during his tenure as CEO of the company, wishing him success in his future endeavors.” It also wished success to Acting CEO Ghassan.

Marwan had joined Red Sea International in 2023 after then-CEO Khalid Faqih resigned, citing personal reasons.  

Marwan joined the company with a wealth of leadership experience, having served as Consultant and CEO at ViaMENA, and having worked with leading companies in the construction and facility management sectors. 

Ghassan, on the other hand, holds around three decades of finance leadership experience and has previously served as Senior Chief Financial Officer at Jeddah Economic Company and as Chief Financial Officer at CPC Holding. 

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In other roles, Ghassan worked as the Manager of Institutional Development, served as Secretary of the Board of Directors, and was part of the Executive Committee, Audit Committee, and Nominations and Remuneration Committee at CPC Holding Company (Saudi Binladin Group). He also served as Financial Manager at Saudi Elevators Company Limited – Saudi Arabia, and as Financial Controller and Finance Manager at Al-Mabani General Contracting Company – Saudi Arabia.